US President Donald Trump on Friday signed into law the "Guiding and Establishing National Innovation for US Stablecoins Act" or the GENIUS Act , a sweeping legislation aimed at regulating payment stablecoins. The White House said the law would also serve broader purposes in shaping financial innovation .
In his remarks at the signing ceremony, Trump joked, “The GENIUS Act — they named it after me. This is hell of an act!” He described the move as a major step in cementing American dominance in the global digital currency space.
"This afternoon, we take a giant step to cement American dominance in global finance and crypto technology, as we sign the landmark GENIUS Act into law," Trump said. The President acknowledged the contributions of several industry leaders and applauded the resilience of the crypto community.
The legislation provides a regulatory framework for dollar-backed stablecoins, which Trump said could trigger the “greatest revolution in financial technology since the birth of the internet.” He also reaffirmed his opposition to the creation of a Central Bank Digital Currency , declaring, “It won’t happen.”
Treasury Secretary Scott Bessent praised the law on social media, crediting Trump's leadership and Senator Bill Hagerty’s work. “Blockchain technologies will power the next generation of payments, and the US dollar is coming onchain... The GENIUS Act will help cement the US dollar as the global reserve currency for generations to come,” he posted on X.
In his remarks at the signing ceremony, Trump joked, “The GENIUS Act — they named it after me. This is hell of an act!” He described the move as a major step in cementing American dominance in the global digital currency space.
"This afternoon, we take a giant step to cement American dominance in global finance and crypto technology, as we sign the landmark GENIUS Act into law," Trump said. The President acknowledged the contributions of several industry leaders and applauded the resilience of the crypto community.
“For years, you were mocked and dismissed and counted out... this signing is a massive validation of your hard work and your pioneering spirit and your ability to never give up... Congratulations on this incredible achievement!” he added..@POTUS: "The GENIUS Act — they named it after me." 🤣 pic.twitter.com/TpqvTCmNxO
— Rapid Response 47 (@RapidResponse47) July 18, 2025
The legislation provides a regulatory framework for dollar-backed stablecoins, which Trump said could trigger the “greatest revolution in financial technology since the birth of the internet.” He also reaffirmed his opposition to the creation of a Central Bank Digital Currency , declaring, “It won’t happen.”
Treasury Secretary Scott Bessent praised the law on social media, crediting Trump's leadership and Senator Bill Hagerty’s work. “Blockchain technologies will power the next generation of payments, and the US dollar is coming onchain... The GENIUS Act will help cement the US dollar as the global reserve currency for generations to come,” he posted on X.
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